Know How Bitcoin Gambling Works in Traditional and Bitcoin Only Casinos

Using bitcoin (BTC) as mode of payment has attained a high level of popularity since nowadays, a single BTC commands a high price value of more than $50,000. That is why it’s not surprising at all why seasoned gamblers consider it more exciting to play at bitcoin casinos. Still, if you’re still contemplating on using bitcoin for your online gambling recreation, it would be best to first find out how bitcoin gambling works before doing so.

Difference on How Bitcoin Gambling Works in Traditional Online Casinos and in Bitcoin Only Casinos

Actually, there are two types of bitcoin casinos, the traditional online casinos that accept cryptocurrencies as a deposit option and the Bitcoin Only casinos that transact purely with bitcoins.

Bitcoin Gambling in Traditional Online Casinos

Traditional online casinos are leveling up by accepting cryptocurrencies as payment, to which the option includes not only bitcoins but also other popular digital money like ethereum and litecoin. The Slot Buddy online casino review site provides a list of reputable traditional online casinos accepting cryptocurrencies, which can be viewed in this page https://theslotbuddy.com/ .

In traditional online casinos that accept bitcoins as banking option, the bitcoin deposited will be converted into a fiat currency selected by the player. The corresponding value will then be reflected as account deposit. This denotes that all bets placed as wagers will be limited up to the value of the selected fiat currency. Winnings and losses will likewise be added or subtracted to one’s playing account in the same fiat currency.

If a player wants to withdraw funds, the amount withdrawn should be sufficient to allow conversion of fiat currency into BTC. Otherwise, the withdrawal request cannot be processed. If the remaining deposit balance cannot converted into bitcoin, the player has no other recourse but to continue gambling. and perhaps gain additional credits that would enable him to withdraw in cryptocurrency.

The conversion rate used for the withdrawal will be based on the same rate used when the digital money was deposited.

Gambling in Bitcoin Only Casinos

Inasmuch as Bitcoin Only Casinos accept only BTCs as deposit. All wagers, winnings, losses and withdrawal of funds will be in BTCs, since no conversion transaction transpired at all. Moreover, these type of casinos keep their requests for personal information at a minimum, whilst allowing players to engage in online gambling activities with utmost discretion.

Usually, an email address is required in the event that password recovery is requested, while some form of identification will be needed as requisite for processing of a request for BTC withdrawal.

Yet the most important difference between a traditional bitcoin online casino and Bitcoin Only casino is that with the latter, the operator uses a proprietary online gambling software that discloses how their online gambling algorithms work. The purpose of which is to gain the confidence and trust of bitcoin gamblers in playing at their Bitcoin Only site.A peer-to-peer assessment can be performed through the use of a gaming technology known as Provably Fair.

Provably Fair Gaming Technology is available by default in all trustworthy Bitcoin Only Casinos, as it offers protection for their players. It is actually the gold standard as far as Bitcoin Only Casinos are concerned. Mainly because the technology gives players the ability to check, if the outcome of their games were achieved under fair gaming conditions.

Despite UK’s 2nd National Lockdown Elite Sports will Remain Unaffected

UK Prime Minister Boris Johnson has placed the country under another national lockdown to last until the end of February, 2021, under 4-tier lockdown rules. It’s quite interesting that the 4-tier lockdown restrictions exclude participants in “elite” sports. Stay-at-home mandates exempt not only players but also employees of firms that provide products or services that allow elite sports teams to carry on with their closed-door matches.

Premier League Assures Football Fans There’ll be No Pause

Through a statement released as early as December 30, 2020, the Premier League has made it clear that there are no discussions about pausing the ongoing season playoffs.

Both the FA Cup and the Premier League and FA Cup will continue during the new national lockdown, being among those classified as elite sports exempted under the Tier 4 rules, where it states the sporting franchise classified as “elite” sport is granted an exemption from the lockdown mandate.

The decision stays in place despite the increasing number of cases in the camps of several football clubs. In fact, outbreaks in the Everton and Manchester City clubs in the past weeks resulted in the postponement of their fixtures. Yet, this has not deterred the Premier League from continuing with the top level football games held behind closed doors.

According to league officials, they have already instituted rigorous testing procedures and other mitigation measures to enhance social distancing, for them to avoid suspending the season playoffs for a second time.

Prior to PM Johnson’s announcements and amid speculations of a second national lockdown, the Premie League already had confidence that they have the government’s support in case they will insist to continue. In October, the British Minister said he can say yes to the Premier League in the event that a second national lockdown takes effect.

The Secretary of State for Digital, Culture, Media, and Sport, Oliver Dowden himself, publicly confirmed that elite sporting activities would not be forced to stop. While people employed in organizations where work-from-home is possible will perform work at home; while those constrained to report for work will be given permission to travel. To which the Secretary cited as examples, elite sports players, crew members, and workers of telecommunication networks, as well as film and TV production outfits.

Online Sports Betting Sites Heave a Sigh of Relief

Online sports betting sites are of course appreciative of the Premier League’s steadfast decision, as that would mean their sportsbook can likewise continue to include the Premier League fixtures in gambling markets. Football betting on UK’s top-level games is still the most sought after, not only among the UK and European betting sites but also in Asia.

In fact in Indonesia, Bwin-Bet65’s soccer betting remains accessible to Indonesian punters, through local agents who maintain judi bola websites that can connect to the UK’s sports server.